The market for talent acquisition and staffing technology and services is also anticipated to grow at a CAGR of 5.7% and reach a value of US$ 196 billion by 2028. Smart hiring practices are essential given the increasing importance of finding and keeping top talent in an effective and efficient manner.
It’s high time businesses did more than just review applicants’ resumes. The greatest talent will be attracted if employers embrace strategies that would make candidates an integral part of the hiring process in addition to salary and benefits.
According to studies, hiring agencies miss out on more than 50% of qualified candidates due to errors in current Applicant Tracking Systems (ATS), while tech companies erroneously categorize up to 80% of applications.
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Machine Learning to Transform the Talent Acquisition Process
In the war to hire rock star candidates, the global talent acquisition & staffing technology and services market is undergoing a sea change. However, the true potential will be unlocked only when organizations focus on the power of machine intelligence wherein experts build a knowledge graph of the existing workforce and the positions required within an organization.
This data-driven knowledge graph will broaden the scope; hiring companies would no longer have to manually dig through thousands of candidate applications and can leverage intelligent recommendations through machine learning. While machine learning would automate various repetitive aspects of the recruitment process, it would also help identify top candidates from large talent pools on job boards.
Recently launched Google’s ‘Cloud Job Discovery’ that provides plug-and-play access to Google’s search and machine learning capabilities has helped more than 3,000 job seekers connect with employers on various job boards and company career sites. The Cloud Job Discovery tool encompasses the entire recruiting ecosystem and has been designed to provide an improved candidate-employer experience. Google has also launched a tool called ‘Google for Jobs’ that gives smart recommendations to job seekers and helps them find the right jobs.
Chatbots for Candidate Engagement Trending the Global Market
Automation has permeated nearly every sector, with chatbots being the latest addition to the HR toolbox. Hiring companies are now using smart algorithms to screen candidate resumes and are deploying intelligent recruitment assistants to identify top prospects; pre-screen candidates; and to facilitate effective candidate engagement.
Recruitment Marketing and Advertising Initiatives to be the Go-to Strategy for Talent Acquisition; Interactive Recruiting to Metamorphose the Overall Hiring Experience
A recent study by Future Market Insights highlights the importance of marketing and advertising in the recruitment process. The growth in the talent acquisition market has led to the evolution of many technologies that are revolutionizing the recruitment landscape. To enhance the talent acquisition process and bring in more effectiveness, recruiting organizations are moving towards interactive hiring that requires extensive communication with the applicants in addition to the basic sourcing and recruitment process.
A detailed report on the global talent acquisition and staffing technology and services market by Future Market Insights forecasts the market to reach a valuation of US$ 196,136.0 Million by 2028, up from US$ 100,605.9 Million in 2017. This translates to a CAGR of 6.25% during the 10-year period from 2018 to 2028.
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Key Segments of Talent Acquisition & Staffing Technology and Services Industry Survey
By Category:
- Marketing and Advertising
- Technologies
- Services
By Industry:
- Education
- Manufacturing
- BFSI
- Healthcare
- IT & Telecommunication
- Energy
- Retail
- Transportation
- Others
By Platform:
- Internal Referrals
- Other Internet Platforms
- Social Platforms
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
3. Market Background
3.1. Macro-Economic Factors
3.2. Forecast Factors – Relevance & Impact
3.3. Talent Acquisition Framework
3.4. Market Dynamics
3.4.1. Drivers
3.4.2. Restraints
3.5. Opportunity Analysis
4. Market Forecast
4.1. Market Size and Y-o-Y Growth and
4.2. Introduction and Absolute $ Opportunity
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About Us:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 6-years.
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